Swvl to invest $20 million in Egyptian market this year

Swvl Holdings Corp., the Cairo-born, Dubai-based mass transit and shared mobility services provider plans to invest $20 million in the Egyptian market within this year.

The company has injected $5 million during the first four months of the year, its chief financial officer Youssef Salem told Amwal Al Ghad on Thursday, adding that the money went for marketing, hiring more captains, and development of the engineering infrastructure in its headquarters.

“The company is looking to cooperate with the Egyptian government to provide bus services in the new administrative capital,” Salem said.

Swvl can provide tech-enabled services for public transportation in the new capital, he explained.

The company is studying the acquisition of some new startups in the U.S., Columbia, and Mexico, and Peru within this year, Salem added.

On March 31, Swvl began trading on the Nasdaq, following approval of a merger with special purpose acquisition company (Spac) Queen’s Gambit Growth Capital, the first blank-cheque company led entirely by women, at a shareholders’ meeting.  It has become the second Arab technology company to be listed on Nasdaq after music streaming platform Anghami, which was also floated through a Spac in February, and the first in Africa.